Cover Genius, the global infrastructure provider for embedded protection, has completed a $100m capital raise that values the InsurTech at $1.9bn.
The financing was backed by Vista Credit Partners, a subsidiary of Vista Equity Partners that provides strategic financing to enterprise software businesses. Morgan Stanley & Co. LLC acted as exclusive placement agent for the deal.
The funds will be channelled into three areas. The first is strengthening ties with enterprise partners via improved integration capabilities, which the company said are already lifting partner conversion rates.
The second is expanding its AI functionality, spanning hyper-personalisation engines, agentic distribution of embedded protection and automated infrastructure to speed up claims resolution. The final priority is platform scalability and selective strategic acquisitions, aimed at opening up new verticals within an embedded insurance market that Boston Consulting Group forecasts will expand from $13bn to more than $70bn in gross written premiums by 2030.
The raise follows a period of strong momentum for the business. During 2025, Cover Genius lifted its revenue by 50% year-on-year and passed $3bn in cumulative gross written sales. Its policy count reached 240 million, distributed through integrations with major digital platforms including Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines and Uber, alongside availability through Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel and Southeast Asian ecommerce player Shopee. Its claims platform XCover also holds a 4.5 out of 5 ‘Excellent’ rating on Trustpilot from more than 70,000 verified reviews.
Cover Genius runs a B2B2C embedded protection platform linking over 200 partners with more than 50 global insurance carriers, safeguarding upwards of 70 million end customers at the point of sale across travel, retail, ticketing and logistics. The firm operates in over 60 countries and every US state, and adjusts product design, pricing and presentation in real time to fit each merchant’s customer journey and geographic footprint.
Cover Genius co-founder and CEO Gus McDonald said, “We’ve spent more than a decade building the trust layer the world’s largest digital companies rely on to protect their customers. Today’s raise is about broadening possibilities: moving faster, going deeper into our partnerships, and building the AI capabilities that help people move through every step of their digital journey with certainty.'”
Vista Credit Partners co-head and Vista Equity Partners senior managing director Pete Fisher said, “Vista Credit Partners is proud to support innovative enterprise software companies like Cover Genius with flexible capital solutions to further establish market leadership. It has built the infrastructure layer that enables many of the world’s leading digital platforms to embed protection seamlessly into their customer experience. The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the center of it.”
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